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DEPRESSION: An extended period--a decade or so--of restructuring and institutional change in an economy that's often marked by declining or stagnant growth. During this period, unemployment tends to be higher and inflation lower than a regular, run-of-the-mill recession. Moreover, a depression usually lasts in the range of ten years, often encompassing two or three separate shorter-run business cycles. The most noted depression in the U. S. economy was the Great Depression of the 1930s.
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Lesson 10: Gross Domestic Product | Unit 3: Two Views of GDP
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Page: 14 of 25
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Topic:
Demand and Supply
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GDP can be measured in two different ways.- Demand-side: In a market transaction, the buyer pays a price for a good or a service based on the value of the good. This indicates that the value of GDP can be measured from expenditures.
- Supply-side: For seller's, the revenue received from selling a good is used to pay resources--the cost of production. This indicates that the value of GDP can be measured by the resource cost of production.
- These two sides--expenditures and resources--give us two ways of measuring GDP.
- Each can be used to check the other.
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AGGREGATE SUPPLY DETERMINANTS An assortment of ceteris paribus factors that affect short-run and long-run aggregate supply, but which are assumed constant when the short-run and long-run aggregate supply curves are constructed. Changes in any of the aggregate supply determinants cause the short-run and/or long-run aggregate supply curves to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate supply curves to shift, they are commonly grouped into three broad categories--resource quantity, resource quality, and resource price.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials seeking to buy either a how-to book on fixing your computer, with illustrations or several magazines on computer software. Be on the lookout for rusty deck screws.
Your Complete Scope
This isn't me! What am I?
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"Follow effective action with quiet reflection. From the quiet reflection will come even more effective action. " -- Peter F. Drucker, author
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NBER
National Bureau of Economic Research
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